Payment institution

Published: 31/1/2015 Modified: 27/7/2018
The CNB will grant authorisation to provide payment services if it assesses, based on the application and the submitted documentation, that all the conditions prescribed by the Payment System Act have been met.

A payment institution means a legal person established in the Republic of Croatia, which has been authorised by the Croatian National Bank to provide one or several payment services.

Legal persons established in the Republic of Croatia that intend to provide payment services as payment institutions, have to submit an application to the Croatian National Bank for authorisation to provide payment services, supported by all the required documentation and information as prescribed by Article 85, paragraph (2) of the Payment System Act.

The prescribed documentation and information that have to be submitted to the Croatian National Bank for the purpose of issuing an authorisation to provide payment services are specified in Guidelines on the information to be provided for the authorisation of payment institutions and e-money institutions and for the registration of account information service providers under Article 5, paragraph (5) of Directive (EU) 2015/2366.

In addition to the application and the prescribed documentation, the applicants should also submit a completed and signed Obrazac za prikupljanje i obradu osobnih podataka.

Based on the submitted application and information available to it, the Croatian National Bank will issue the authorisation to provide payment services in an administrative procedure if all the conditions prescribed by Article 84 of the Payment System Act have been met. Under the provisions of the Payment System Act, legal persons may enter payment services in the register of companies only after the Croatian National Bank has adopted a decision authorising the provision of one or several payment services.

Legal persons may provide payment services only after these payment services have been entered as business activities in the register of companies.

Based on an issued authorisation, payment institutions may, under the conditions prescribed by the Payment System Act, provide payment services in the territory of another member state based on the right of establishment (through a branch with a head office in the host member state or through an agent with a head office or place of residence in the host member state) or based on the freedom to provide services (directly or through an agent with a head office or place of residence in the host member state). Payment institutions intending to provide payment services in the territory of another member state have to notify the Croatian National Bank thereof in advance.